Q & A

I am considering buying a flat under a shared ownership scheme with a housing association. How do these schemes work?

You buy a proportion of the property and the housing association owns the rest - proportions can vary but the split is roughly 50-50. You then pay rent on the part you don't own, at a level set by the housing association. You can buy out the rest of the property, either piecemeal or all at once, at any time after you have owned your share for at least 12 months. You also have to wait at least 12 months before selling. Sale proceeds are split between you and the housing association, according to the percentages you each own at that time.